Vermont Expects Banner Captive Year
By Caroline McDonald
NU Online News Service, July 22, 2:06 p.m. EST?The hard market and availability problems for medical practitioners have led to a record half-year in 2002 for the Vermont captive insurance market, according to the state's director of captive insurance.
Vermont to-date has licensed 27 captives, "a record first and second quarter," said Leonard Crouse, director of captive insurance for the Vermont Department of Banking, Insurance and Securities, in Montpelier.
Vermont also has six captives "in-house that are pending, and we probably have four or five meetings set up in the next two or three weeks," for new captives, he said.
Mr. Crouse said that the trend now is in group captive programs "because of the market being so hard and the plight of the medical business, doctors and hospitals."
Vermont closed 2001 with 38 new captives?37 pure captives set up by organizations and one group or sponsored captive?for a total of 527 at year-end, according to the department. Companies forming new captives include Electronic Data Systems, Premera Blue Cross, Compass Bank and National Union Fire Insurance Company of Pittsburgh.
"These are busy, busy times," Mr. Crouse added.
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